In the first part of this series, we emphasized China’s ambition to replace (if needed by force) the liberal balance of power with an illiberal autocracy (consequently, limiting the role of the […]

What’s wrong with the banks? How did we reach the point where three banks failed within a few days, and a couple more are on life support? How did we […]

Since our last commentary in this series, several things have taken place. Let’s recall some of them: Jobs growth (based on January’s number) was much stronger than expected; inflationary pressures […]

Over the course of the next few weeks, we will be discussing the changes we are undergoing on a global scale as well as the forthcoming changes that are affecting […]

When we read market headlines nowadays, the focus is on inflation and the direction of interest rates. The stickiness of prices, as demonstrated by the slowdown in the decline of […]

Are the markets sending signals that run contrary to downbeat expectations? The latter includes IMF estimates for a global slowdown accompanied by recessions around the world, announced layoffs, lower earnings, accumulated […]

It is possible that last year marked a pivot in the markets’ trajectory that is being shaped by too much debt facilitated mainly by central banks, geopolitical risks, the deflating […]

As I was approaching the gate for my end-of-year flight to Montevideo, I could clearly see ahead of me Matthew Arnold and Canaletto. What I couldn’t see was a painting […]

What kind of conclusions could we draw by looking at the two images below? The first one relates the economy’s orders to the S&P 500. Orders could be considered a […]

Over the course of 25+ years, we came to believe that inflation was dead, there was no alternative to stocks, interest rates will stay low forever, tech companies’ stocks will […]